Charlotte Russe Holding Inc. (San Diego) is now private after Boston-based Advent Intl. Corp. purchased the teen retailer for $380 million. The transaction was completed this week.
Charlotte Russe operates 501 stores in 45 states. Last year, the company’s revenue was $823 million.
Earlier, shareholder and director Allan Karp tried to acquire the company for $200 million, but the board rejected his offer. He then tried to gain control of the company, but dropped that strategy in April. The board then decided to put the company up for sale. Advent made an offer for the company in August.